Money hack: How to make money while you travel
Turn your home into a hotel when on holiday and your rent practically pays itself.
The sharing economy is massive at the moment and none is larger than Airbnb. Well, maybe Uber.
If you go on multiple short holidays per year or even just have one holiday planned, you might be wasting precious dollars paying for your room or home when you’re not staying in it.
The solution? Rent it out.
The hack
Homestay sites such as Airbnb as well as lesser known services in this corner of the sharing economy world such as HomeAway, VRBO and Homestay are a godsend for people with rooms to spare who want to make a little cash on the side. Aside from Homestay, where the host is present for the duration of the stays, they can also be great for travellers who leave their house empty for periods at a time.
All these sites are setup to enable you to choose the exact dates your room or home is available, dictate how much you wish to charge your guest for their stay and accept or reject guests at your own discretion.
The sites all also include safety and security features to give you peace of mind for letting a “stranger” stay at your house.
For many of these services, fees for hosts (you) are based on a percentage of your earnings. For an example, Airbnb currently charges 3%, which isn’t too shabby. Naturally, you don’t have to pay anything if you don’t host. According to Airbnb, its hosts make $446 per week on average. This, again, isn’t too shabby.
While this option may not be for you, it’s ideal if you’re constantly on short breaks. You can welcome your guest before you leave for your trip and return to say goodbye to them. Or even return to find the keys in your mailbox.
Both options work.
Either way, a little income while you splash on your holiday is never a bad thing.
finder money hacks is a bi-weekly round-up of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks
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